Vietnam Pharmaceutical Market is Witnessing Rapid Growth on Account of Rising Aging Population and Improving Spending Power: Ken Research
Vietnam healthcare market size, market segmentation by hospitals & clinics, diagnostic labs market, pharmaceutical market and medical devices market. The report also covers market in different aspects such as healthcare scenario in Vietnam, government and private spending on healthcare, cross comparison of healthcare sector of Vietnam with other Asia Pacific countries, mergers, acquisitions and funding in healthcare sector, investment model for setting up a hospital, snapshots of daycare centers and polyclinics, investment model for setting up a diagnostic laboratory, government regulations for launching a new drug, role of IT companies in Vietnam and comparative analysis of major players in each section. The report provides detailed overview on future outlook & projections with analyst recommendations for the industry.
- Healthcare market in Vietnam has been supported by the ever increasing and aging population of the country.
- The deregulation of the healthcare sector along with increase in average income of the middle class population will lead the growth of the Vietnamese healthcare market in the upcoming years.
Ken Research in its latest study, Vietnam Healthcare Market by Industry Type (Hospitals & Clinics, Diagnostic Labs, Pharmaceutical and Medical Devices) –Outlook to 2022, suggests that the Healthcare market in the Vietnam will grow at a substantial rate owing to liberalization policy adopted by the government and increase in demand for healthcare services.
The Vietnamese government has a target of covering more than 84% of the population with health insurance by 2020. The government has invested heavily into the healthcare sector to make it accessible and affordable to everyone. However, owing to the ever increasing population the pressure on the public system is huge. Addressing this issue of overcrowding of public healthcare establishments (hospitals, clinics and diagnostic laboratories) the government decided to deregulate the healthcare system in 2014. This structural change in the government’s policy has opened the doors for private national and international investment into the healthcare system. Owing to this change, the healthcare market in Vietnam is expected to witness substantial growth in the coming years.
In recent years the average household expenditure on healthcare in Vietnam has increased threefold and is expected to further increase in the future. Majority of the healthcare services are concentrated in urban areas and cities. The patient concentration in cities has drastically increased in recent years, owing to this there is need for new healthcare facilities to be built in rural areas. The overall Healthcare Access and Quality (HAQ) Index in the country has increased, but there is still room for improvement to reach the best possible threshold, given the level of development in the country.
The demand for pharmaceutical products has increased tremendously in recent years owing to the increase in average income of the middle class population in the country. With the deregulation of the healthcare sector, more national and international companies are expected to invest in the sector and more indigenous pharmaceutical companies are expected to come up in the future. The number of hospitals is expected to grow at a much faster pace along with privatization of public hospital. This will release the pressure off the public hospitals and raise the overall standard of healthcare in the country. The diagnostic laboratories market is also likely to grow in the future owing to the increase in demand as well as increase in private investment into the sector. With the development of hospitals, clinics and diagnostic laboratories in the country the medical devices are also likely to get updated. The dependency on import of these devices is likely to continue in the future. However, the domestic production of consumable medical equipments is expected to grow in the country.
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